As inflation continues to impact household budgets, there’s some good news for Canadians in 2025. The federal government is boosting several recurring benefit payments, putting more money into the pockets of eligible individuals and families. These changes, driven by a 2.7% inflation adjustment, apply to everything from child benefits to pensions. If you’re wondering how Continue reading
Kathy Hilton
Staying Updated on Bank of Canada Interest Rate Changes in 2025
In a significant move last month, the Bank of Canada (BoC) reduced its key interest rate from 3.75% to 3.25%. This marked the fifth and final major rate announcement of the year, exceeding experts’ predictions of a 0.25% cut. The decision comes amidst rising economic concerns, particularly an increase in Canada’s unemployment rate, which now Continue reading
Comprehensive Guide to CRA Benefit Payments Canadians Can Receive in 2025
The new year is here, and with it comes a calendar full of financial relief programs from the Canada Revenue Agency (CRA). From monthly child benefits to quarterly tax credits and retirement pensions, these government payments can make a significant difference in your financial planning for 2025. Monthly and Quarterly CRA Benefits Canada Child Benefit Continue reading
GST Holiday A Temporary Relief with Lasting Implications
Amid rising prices and the ongoing cost-of-living crisis, the Canadian government has introduced a temporary Goods and Services Tax (GST)/Harmonized Sales Tax (HST) break to provide some relief for Canadians. This initiative, which will be in effect from December 14, 2024, to February 14, 2025, aims to help ease the financial burden during the holiday Continue reading
Donald Trump Claims Indirect Credit for Justin Trudeau’s Resignation
On Monday, Prime Minister Justin Trudeau announced his resignation as leader of Canada’s Liberal Party during a news conference. Although he will remain prime minister until a successor is chosen, Trudeau’s departure marks a significant shift in Canadian politics. The announcement followed mounting pressure from Liberal members of parliament and declining public support. Polls indicate Continue reading
Scotiabank Predicts Possible Resignation of Canadian PM This Week
The Canadian Dollar (CAD) experienced a significant boost overnight following reports that Prime Minister Justin Trudeau may resign this week. Additionally, speculation that U.S. President-elect Donald Trump might scale back plans for widespread tariffs has further supported the CAD, according to Scotiabank’s Chief FX Strategist, Shaun Osborne. Political Uncertainty Surrounding PM Trudeau’s Possible Resignation Reports Continue reading
Canadian Forces Weighing Bonuses to Retain Troops, Internal Document Reveals
The Canadian Armed Forces (CAF) is facing significant staffing challenges and is exploring retention bonuses as a strategy to prevent skilled personnel from leaving the service. According to an October 2024 briefing prepared for Lt.-Gen. Lise Bourgon, chief of military personnel, these bonuses are one of several measures proposed to support the reconstitution of the Continue reading
$680 GST Credit Direct Payment Deadline for Eligible Citizens Approaching
The Canada Revenue Agency (CRA) is kicking off 2025 with its first GST/HST payment on January 3, 2025. This essential payment is designed to support individuals and families with low to moderate incomes by offsetting the costs of the goods and services tax (GST) and harmonized sales tax (HST). If you’re eligible, this is an Continue reading
Snowy Start to the Week for London and Surrounding Areas
The London area is bracing for a frigid and snowy beginning to the week, following a weekend of messy weather for parts of Midwestern Ontario. Monday: A Cold and Snowy Night Ahead According to CTV London Meteorologist Julie Atchison, temperatures on Monday afternoon will range between -8°C and -12°C, but the wind chill will make Continue reading
Essential Tips for Filing Your Taxes in 2025
The tax filing deadline, commonly referred to as “Tax Day,” for 2025 is Wednesday, April 30. If you were actively or temporarily employed in 2024, you should receive a CRA T4 slip from each employer within the first few months of 2025. This document is essential for accurately filing your taxes. What Is a T4 Continue reading